Arcos Dorados Holdings Inc (NYSE:ARCO) Q3 2019 Earnings Conference Call - Final Transcript
Nov 13, 2019 • 10:00 am ET
offset by the good performance of the ambient [Phonetic] markets, which posted strong traffic growth and comparable sales well above inflation.
As Marcelo commented, we, like many other members of the retail sector were affected by the social unrest in Chile. This impacted operations at around 20% of our restaurants in the country. While we continue to work on returning to normal operations as soon as possible, we do not expect a material impact on our financial performance as we maintain insurance coverage for property loss and business interruption resulting from this protest.
Moving to NOLAD, we posted comparable sales growth of 3.8% above blended inflation and almost 4% revenue growth in dollar terms. This was mainly driven by the good results coming from Mexico and Panama where we continue to focus on increasing sales and traffic. Those achievements were driven by the combination of our affordability platform, the dessert category and the execution of marketing initiatives around the core of our business.
Finally, in the Caribbean, comparable sales growth was mainly impacted by the decline in sales in Colombia with implementation of the tax reform effective July 1, 2019. Under this new reform, sales are subject to the VAT regime of 19% instead of the consumption tax regime of 8%. Revenues in U.S. dollars were also impacted by the 13% year-over-year depreciation of the Colombian peso.
Back to you Marcelo.
Thank you, Mariano. Please turn to slide 6. Given our strong performance across all metrics in Brazil, we are accelerating new store openings across all of our formats. In October, we opened a new flagship store on one of Sao Paulo's most important streets, Avenida Paulista. Couched in an iconic building in a priced location, it has been an enormous success. For the last four weeks, people have been waiting in long lines to enter the restaurant. These new opening helped the making campaign became the most successful ad campaign that the company executed year-to-date, garnering over 86 million social media impressions. This is giving our brand tremendous visibility, while also supporting its aspirational position in this market. Our new flagship store in Brazil adds to the 13 restaurants that we opened during the third quarter across the company. And we will exceed the commitment to operate at least 650 EOTF restaurants by the end of this year. We also expect to reach our goal of 200 new restaurant openings over the last three years.
Also our app downloads exceeded the 30 million mark. That's nearly double the level of downloads that we have reached at the end of last year's quarter. The app is a key component of our digital ecosystem, one that serves as a direct channel to our customers and represent an increasingly valuable strategic asset. Almost 2 million people access it every day in the region to interact with us through specific promotions and news on menu items and campaigns. It remains one of the most downloaded apps in the food category across the 20